Crypto.com joins U.S tokenized stock perps race amid Kraken-Hyperliquid push

What happened

Crypto.com has entered the U.S. market for tokenized stock perpetual futures, joining Kraken and Hyperliquid in this space. Perpetual futures are contracts allowing traders to speculate on price moves without owning the asset. Trading volume for these real-world asset perps reached a record $140 billion, with market interest growing 22-fold.

Confirmed

Global impact / market context

This competition could lower trading fees and increase innovation, benefiting investors. For companies like Kraken and Hyperliquid, more rivals may pressure revenue and market share. Tokenized stocks, which are digital versions of shares, could broaden access to U.S. equities but also attract stricter regulatory attention.

Analyst inference

Record $140 billion volume and 22x interest growth signal rising institutional adoption. Investors are treating tokenized assets as a bridge between traditional and crypto markets. This trend may boost demand for platforms like Hyperliquid (HYPE) and increase liquidity, which means cash available for trading, but could also heighten volatility.

Analyst inference

What to watch

1. Watch whether Crypto.com, Kraken, and Hyperliquid announce new tokenized stock listings or partnerships in coming weeks, as the article confirms their active race but not specific next steps. Confirmed
2. Investors should monitor whether the SEC or other regulators issue new guidance on tokenized stocks, which might affect how these products are offered and traded. Proposed
3. Observe if trading volumes continue to grow beyond $140 billion, which could signal sustained demand. If growth slows, it might indicate market saturation or regulatory backlash. Analyst inference

Affected assets

• HYPE — Hyperliquid

Evidence

• ambcrypto.com